The Influence of Socioeconomic Factors on Economic Growth

The main goal of this paper is to analyse the relationship between social capital and economic growth taking into account the role of fiscal policy from theoretical and empirical points of view. To achieve this goal, “Human Capital and Public Capital Effects on Economic Growth” is focused on the effects of two traditional factors: human capital and public capital effects on economic growth. “Social Capital Effects on Economic Growth” considers qualitative variables introducing some socioeconomic effects on economic growth process analysis. In this case, social capital the main variable will be considered. “Empirical Analysis,” an empirical analysis is developed considering the case of European countries prior to the EU enlargement. Finally, in Conclusions,” the main conclusions will be resumed. ockquote>     

Explanatory factors of the inflation news impact on stock returns by sector: The Spanish case

We study the short run response of daily stock prices on the Spanish market to the announcements of inflation news at an industrial level, deepening the potential explanatory factors of this response (risk-free interest rate, risk premium and growth expectations). We observe a positive and significant response of the stock returns in case of “bad news” (total inflation rate higher than expected one) in recession, and also in case of negative inflation surprises (“good news”) in non-economic recession. This behaviour is consistent with the evolution of the company dividend growth expectations, since we observe that the relationship between this theoretical component of the stock price and the unexpected inflation, to a large extent, seems to explain the observed behaviour.     

Mozambique Metical Exchange Rate Dynamics: Evidence of Fractional Co‐Integration in the USA and South African Rates

This paper studies the exchange rate dynamics of the Mozambique metical with respect to the US dollar and the South African rand. However, instead of using standard I(0)/I(1) techniques, we use long memory and fractionally integrated and co‐integrated models. Our results indicate that the two exchange rates are highly persistent, with orders of integration equal to or above 1. They also seem to be co‐integrated, with an order of integration close to albeit above 0 but with an AR coefficient very close to 1. Thus, although the two series seem to be fractionally co‐integrated, shocks in the long‐run relationship between the two variables are persistent and take a long time to disappear.     

Are Flexible Exchange Rate Regimes more Volatile? Panel GARCH Evidence for the G7 and Latin America

This paper investigates empirically the relationship between exchange rate (ER) regimes and volatility of real exchange rate depreciation (RERD), comparing the G7 and 17 Latin American (LA17) countries, during 1970–2010. We estimate a panel autoregressive model with generalized autoregressive conditional heteroskedasticity (GARCH) errors and regime‐specific effects on both the conditional mean and conditional variance. For the G7, we find that, relative to the fixed ER regime, only the freely floating regime shows higher RERD volatility; under the managed floating regime the RERD is equally volatile and under the crawling peg it is actually less volatile. Instead, in the case of the LA17, more flexible ER regimes are associated with more volatile RERD rates, with higher volatility under the managed floating regime than under the crawling peg and with extremely high volatility under the “freely falling” ER regime.     

论用文化增加旅游商品的附加值

旅游的本质属性是文化属性。文化是旅游消费和旅游经营追求的核心因素。文章以上述观点为基础，探讨了旅游商品开发设计中文化因素的作用，提出文化可以创造旅游商品，文化可以增加旅游商品的附加值。     

Fiscal adjustments,labour market flexibility and unemployment

Using a panel of 17 countries for 1978–2009, we find that tax-driven consolidations increase unemployment by 0.25 percentage points. Labour market flexibility mitigates this: a one-point rise in the flexibility index reduces youth (long-term) unemployment by 0.6–0.7 (1.8–2.2) percentage points.     

The impact of science and technology parks on firms’ product innovation: empirical evidence from Spain

ology&facet-content-type=ReferenceWorkEntry&sortOrder=relevance' class='reference-link webtrekk-track' gaCategory="internal-link" gaLabel="Science and Technology" gaAction="reference-keyword">Science and Technology Parks (STP) have attracted considerable attention and public funds in recent years. However, the conclusions on their effectiveness remain mixed. This work evaluates the impact of STP on firm product innovation in the Spanish context, as an example of a less developed innovation system in which regional and national governments are prioritizing STP initiatives. This work draws on a large sample of firms provided by the Spanish Survey on ological+Innovation&facet-content-type=ReferenceWorkEntry&sortOrder=relevance' class='reference-link webtrekk-track' gaCategory="internal-link" gaLabel="Technological Innovation" gaAction="reference-keyword">Technological Innovation that is conducted annually by the National Statistical Institute. We explore alternative econometric methods to obtain average treatment effects for firms located in 22 Spanish STPs. Our results show that Spanish STPs have a strong and positive impact on the probability and amount of product innovation achieved by STP located firms. These results hold when the endogeneity of STP location is taken into account.     

External liabilities and crises

We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition. Using a variety of statistical tools and comprehensive data spanning 1970–2011, we find that the ratio of net foreign liabilities to GDP is a significant crisis predictor. This is primarily due to the net position in debt instruments—the effect of net equity liabilities is weaker and net FDI liabilities seem, if anything, an offset factor. We also find that: i) breaking down net external debt into its gross asset and liability counterparts does not add significant explanatory power to crisis prediction; ii) the current account is a powerful predictor; iii) foreign exchange reserves reduce the likelihood of crisis more than other foreign asset holdings; and iv) a parsimonious probit containing those and a handful of other variables has good predictive performance in- and out-of-sample. The latter result stems largely from our focus on external crises sensu stricto.     

Employee-owned and capitalist firms: is performance linked to ownership?

This paper does a comparative analysis of the economic performance between employee-owned firms (EOFs) and conventional capitalist companies (non-employee-owned firms, NEOFs). EOFs show good economic performance if the different objectives that distinguish them from NEOFs are considered. These differences stem precisely from the different capital-ownership structures. Nevertheless, the results deteriorate if profitability and productiveness are analysed. The results for productivity differ from theoretical thought which considers that the main differences between these two types of structures should be explained by the double condition people have as both partners and workers in the EOF; this link between company and workers should translate into increased productiveness. The results of the analysis do not empirically demonstrate the positive effects that were expected with an EOF structure. There are, however, sufficient motives for extending the study to the compared analysis of other subjects that work under specific legal regulations and even to the compared analysis of other regulative forms that exist in other Member States of the European Union.     

To challenge the world view or to flow with it? Teaching sustainable development in business schools

This paper explores the fundamental question of what ‘responsibility’ means to different sets of world views adopted implicitly by business students. The exploration adopts the stakeholder theory and three subsets of the Friedman mentality to explain how individuals may value sustainability initiatives. Subsequently, it explores whether it is better to flow with the dominant economic‐driven world view as prescribed by the business school or to challenge it in order to cultivate business students with sustainability‐driven values. The conclusion highlights implications for business and management education, as well as the role of entrepreneurship to promote sustainability values.